As the year comes to an end, you may be accessing your financial plan in preparation for the New Year. While tax planning is something most working adults are generally informed about, there are tax obligations that some may not be fully aware of. If you have young children, it could come as a surprise that they may have US tax obligations of their own. If your child has earned income or even has unearned income in their name, they should be filing a Report of Foreign Bank and Financial Accounts or FBAR. Read more.
A recent study out of Georgetown University and the University of Chicago looked at the impact of parental separation and divorce on the behavior of children in families of different income brackets.
Using data from the National Longitudinal Survey of Youth, a survey conducted by the Bureau of Labor Statistics starting in 1979, the study honed in on the reactions that children had to divorce over time. Read more.